It was an interesting session for the Vanguard Australian Shares Index ETF (ASX: VAS) this Friday. At the market close, the popular ASX index fund was trading at $105.00 per unit, down by just 0.04% for the day.

Although this isn't quite at a new all-time high for VAS units, it's pretty darn close.

This exchange-traded fund (ETF)'s current record high stands at $105.94, just a whisker away from where we saw VAS on the ASX yesterday.

The Vanguard Australian Shares ETF remains, by far, the ASX's most popular index fund.

It's not too surprising to see this index fund where it was on Friday. The index that VAS tracks – the S&P/ASX 300 Index (ASX: XKO) – was itself very close to its own all-time high. An enthusiastic share price runup this week, particularly amongst the big ASX bank stocks, has rallied the local markets considerably.

Just yesterday, we saw new 52-week highs from National Australia Bank Ltd (ASX: NAB), Westpac Banking Corp (ASX: WBC) and Commonwealth Bank of Australia (ASX: CBA). The latter was also a new record high for CBA shares.

Many investors might be wondering just how attractive investing at these elevated levels might be.

Let's dig into that question.

Is it worth buying VAS near an ASX all-time high?

This question depends on what kind of investor you are.

If you're a strict value investor, and only like buying investments when they are 'on sale', buying into this index fund at today's pricing probably won't suit your investing style.

However, if someone is employing a dollar-cost averaging strategy or other passive investing style, that involves regular investments at regular intervals, then today's $105 VAS price shouldn't put you off.

Yes, index funds move up and down in value on a regular basis, as most ASX shares do. However, the ASX 300 index has a decades-long track record of steadily compounding over time. This index statistically rises far more often than it falls. It has also never failed to exceed a previous all-time high. For all we know, VAS could send the rest of 2025 hitting new all-time highs every other week.

If an investor hit pause on their past investments in VAS every time the index was at or near a new all-time high, they would probably be far worse off today than if they had just continued with their regular investing schedule.

As such, I think that most investors can feel comfortable investing in VAS units today at $105 each, but only if they have a long-term mindset.